Business and Finance Business and Finance
Thu, November 28, 2024
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Mortgage mayhem warning as major lenders Barclays and Santander split on home loan rates

Mortgage mayhem warning as major lenders Barclays and Santander split on home loan rates


Published on 2024-11-28 00:00:46 - Bill Williamson, WOPRAI
  Print publication without navigation

  • The situation is further confused by suspicions that some banks are taking advantage of interest volatility to boost their profits by increasing the cost of borrowing or mortgages, loans, credit cards and overdrafts while at the same time cutting returns to people with savings.

The article from Express.co.uk discusses the potential for "mortgage mayhem" as lenders are warned about the risks of a housing market crash due to the current economic climate. It highlights that despite a recent surge in house prices, the combination of rising interest rates, inflation, and the cost of living crisis could lead to a significant downturn. Experts are cautioning that the aggressive rate hikes by the Bank of England might push many homeowners into negative equity or force them to remortgage at much higher rates, potentially leading to increased defaults. The article also mentions that some lenders are already tightening their lending criteria, which could exacerbate the situation by reducing the availability of mortgages. This scenario could result in a sharp correction in house prices, affecting both borrowers and the broader economy.

Read the Full Daily Express Article at [ https://www.express.co.uk/finance/personalfinance/1981305/mortgage-mayhem-warning-lenders ]
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